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Oil & Gas Company's Thailand Wells Could 'Add Material Production'
Research Report

Source:

A Mackie Research Capital Corp. report provided an update on this firm's wells in Thailand and Indonesia.

In a Nov. 12 research note, Bill Newman, an analyst with Mackie Research Capital Corp., reported that Pan Orient Energy Corp.'s (POE:TSX.V) follow-up L53-DD2 appraisal well in Thailand encountered about 32 meters (32m) of net oil pay.

L53-DD2, drilled to about 26m updip from the L53-DD1 discovery well, hit oil within four sandstone zones between 1,044 and 1,105m of true vertical depth, Newman reported.

The start of production testing on both the L53-DD1 and L53-DD2 wells is expected soon, with initial results coming out seven to 10 days afterward. These two wells "have the potential to add material production that could fully fund an expanded drilling program in 2019," the analyst highlighted.

"The big potential upside for investors is the Anggun-1X exploration well," Newman stated, commenting on Pan Orient's announcement that the Anggun-1X exploration well is expected to spud in Q2/19. Drilling of Anggun-1X will require 30 days. If results are positive, Pan Orient will begin testing right away. The total dry hole cost is $15.4 million, and the company's portion, based on its 49% interest, is $7.55 million.

Mackie Research maintains its Buy recommendation and $3.25 per share target price on Pan Orient on its "strong financial position and high-impact exploration potential in Indonesia," Newman indicated. Pan Orient's stock is currently trading at around ~$1.50 per share.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Pan Orient Energy. Click here for important disclosures about sponsor fees.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Pan Orient Energy Corp., a company mentioned in this article.

Disclosures from Mackie Research, Pan Orient Energy Corp., Update, November 12, 2018

RELEVANT DISCLOSURES APPLICABLE TO COMPANIES UNDER COVERAGE
Relevant disclosures required under Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at www.mackieresearch.com.

ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst's personal views and (ii) no part of the research analyst's compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.




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